Subject: File No. S7-26-08
From: Mike Ryan

November 21, 2008

Canceling the up tick rule after only a six month (during benign market conditions) trial has been a disaster for investors. I believe that decision can be credited for a substantial part of the market melt down. Now, short sellers can move from one security to the next, targeting them like big game on the plains. This has little to do with fundamentals in many cases and is more about where they can create panic to their benefit. Although much of the damage has already been done, please reinstate the up tick rule.